Belite Bio, Inc (NASDAQ:BLTE) Short Interest Up 17.1% in February

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 81,300 shares, a growth of 17.1% from the February 13th total of 69,400 shares. Based on an average daily volume of 46,300 shares, the days-to-cover ratio is currently 1.8 days. Approximately 0.3% of the shares of the company are sold short.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark lifted their price objective on shares of Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a report on Tuesday, March 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a report on Tuesday, March 18th.

Belite Bio Trading Down 0.7 %

BLTE stock traded down $0.45 during mid-day trading on Friday, hitting $67.28. The stock had a trading volume of 17,485 shares, compared to its average volume of 49,850. The firm has a market capitalization of $2.14 billion, a P/E ratio of -60.61 and a beta of -1.54. The firm has a fifty day simple moving average of $59.48 and a 200 day simple moving average of $61.01. Belite Bio has a 52 week low of $31.01 and a 52 week high of $86.53.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

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Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company's stock valued at $298,000 after purchasing an additional 6,268 shares during the last quarter. Advisors Preferred LLC bought a new stake in Belite Bio during the 4th quarter worth approximately $52,000. State Street Corp grew its holdings in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company's stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. GAMMA Investing LLC grew its holdings in Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock worth $81,000 after acquiring an additional 419 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in Belite Bio during the 3rd quarter worth approximately $253,000. 0.53% of the stock is owned by institutional investors.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company's lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.